VeChain on TV, DOGE flips BTC quantity, Hotbit hack and extra …
This weekly roundup of news from mainland China, Taiwan, and Hong Kong attempts to curate top industry news, including influential projects, changes in the regulatory landscape, and corporate blockchain integrations.
Will DOGEmania ever stop?
Dogecoin has officially flipped bitcoin in a few categories here in China, with DOGE’s trading volume on the leading Chinese exchange Huobi outperforming that of the leading assets ETH and BTC. According to CoinGecko, the DOGE volume accounted for more than 15% of the total exchange volume on May 6, while BTC and ETH accounted for around 8% each. The search for ‘Dogecoin’ in WeChat surpassed the search for Bitcoin at 2.3 million, up from 1.7 million on May 5th. Dogecoin has become increasingly attractive to the Chinese retail community since the beginning of this year as many are drawn to the virality and fast-paced potential of the colorful DOGE community.
Attempted hacking fails, but causes a lot of commotion
Central Exchange Hotbit was hacked on April 30th. The good news was that assets appear to be safe on the platform. The bad news was that user data was compromised, resulting in a corrupted database. Trading, deposits and withdrawals have been suspended while the exchange tries to restore normalcy. The Chinese exchange has been actively communicating on Twitter, with the interrupted service possibly continuing for another week. Hotbit is known for listing a wide variety of assets, making it a popular place for risk averse investors.
Shenzhen-based HOO launches the smart chain contender
Hoo.com became yet another exchange to launch an Ethereum Virtual Machine or EVM-based Smart Chain trying to get their CeFi users into the DeFi space. The chain, currently on trial, offers low fees of just $ 0.001 per transaction and over 500 transactions per second, as well as compatibility with Ethereum, BSC, and HECO. Since the beginning of the year, Hoo’s token has increased by over 350%. Other Chinese exchanges, including OKEx and Gate, have also introduced smart chains. Smart chains are proving to be an attractive way to maximize user returns while capturing the value of the exchange from the process.
VeChain on national television
The English-speaking and government business channel CGTN has created a short expository video on the growth of blockchain after COVID19. The video and article provided an in-depth look at VeChain’s progress in developing business solutions and how the technology can be applied to the food safety and infection control industry. The media company shot a short video in the office and interviewed some of the developers, indicating that the company has been doing well with legal requirements in the tightly run country. It’s no secret that VeChain has a leadership position and close relationship with many government-backed organizations. This is an enviable position for any enterprise blockchain-as-a-service provider.
Increasing salaries for blockchain developers
The Beijing Human Resources and Social Security Bureau recently released the report on the Salary Survey for Beijing Human Resources Market for 2021 (1st Quarter), ranging from $ 3,000 to $ 4,600. Blockchain engineers significantly outperformed this with a wage of $ 6,700 a month, demonstrating the growing demand for skills. In contrast, the average annual salary for a blockchain developer in the US often exceeds $ 12,500 a month at Hired.com, nearly twice what it is in Beijing, according to recruitment companies.
Miners run back … run away?
Mining appears to be back to normal following outages following a fatal coal mine accident last month. The incident required rigorous inspections of the mining facilities and forced many ASIC miners to shut down their machines. Hashrates has currently rebounded to near what it was before the mid-April incident. One interesting shift, however, is that the industry appears to be gradually shifting from China to North America. Chun Wang, founder of F2Pool, noted that for the first time in 8 years, more than half of BTC hashing power came from outside of China. This may be partly related to the incident, but it is a trend that many experts are following as mining regulations in China seem to be getting stricter.